Author Topic: Questrade vs my Student Loan?  (Read 1416 times)

Mrok

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Questrade vs my Student Loan?
« on: September 29, 2017, 05:46:16 AM »
Dear Mustachians,

I'm a total newbie with the following situation: Your collective wisdom much appreciated!

I've got $46,750 in Canadian dollar student loans (part of which is a student line of credit through a credit union). I've also got about $81K Canadian in the bank thanks to an inheritance.

I would like to consolidate all this debt into one as-low-interest-as-possible package that is automatically paid by 4% off a potential TFSA/RRSP account ( I can put 24K into RRSP and 51K into TFSA thanks to accumulated credits I've never used). I don't currently have employment in Canada (I live in Germany). I have terrible credit in the US (where I have a bunch of other nasty student loans), and not sure what kind of credit I have in Canada. I would hope to use the investment account as collateral.

Anyone have a sense of how this might be possible and where I should go? From the old blog posts (Mr. Frugal Toque I and II) I see TD had best rates, but would there be any way to do this with a Questrade account or would it have to be linked through a bank?

Or perhaps there is an entirely different way to think about the situation?

I have a similar situation but on larger scale with my US student loans. I've got some US $ inheritance + mega student loans. I need some strategies to work with both situations but trying to deal with one at a time...

Thanks much for thoughts!

Best,

O.
« Last Edit: September 29, 2017, 05:55:41 AM by Mrok »

pbkmaine

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Re: Questrade vs my Student Loan?
« Reply #1 on: September 29, 2017, 06:00:15 AM »
We need to know your entire situation before we can reply. Perhaps you should do a case study.

Mrok

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Re: Questrade vs my Student Loan?
« Reply #2 on: September 29, 2017, 11:49:55 AM »
OK will move my questions to Case Study and give details. Thanks!